Bacon To Give Back $2 Billion Amid ‘Constrained’ Markets

Louis Moore Bacon plans to give back $2 billion, or 25 percent of his main hedge fund, to investors, saying it may be too big for him to achieve past returns as “liquidity and opportunities have become more constrained.”

Bacon, who seeks to exploit macroeconomic trends such as changes in interest rates and currencies, returned a “disappointing” 0.35 percent in the first half and a “tolerable” 6 percent in the past year, according to letter sent today to clients. He has gained more than 18 percent a year since starting the Moore Global Investments fund in 1989.’